Tink’s $100 Million Monday; Azimo’s C-Suite Shakeup Promotes Experience and Diversity

It is hard to imagine having a better start to your week than Plaid had seven days ago when the innovative fintech (and Finovate alum) announced that it had agreed to be acquired by Visa for $5.3 billion.

But the €90 million ($100 million) raised by Swedish open banking platform Tink on Monday is nothing to sneeze at. In fact, the funding, which is the company’s largest to date, is a reminder that investment interest in (and funding for) companies dedicated to developing the infrastructure that connects consumers, banks, and the financial technologies is very much in abundance.

“Our aim is to become the preferred pan-European provider of digital banking services and to offer the technology needed for banks, fintechs, and startups to leverage the opportunities of open banking and enable them to successfully develop financial services in the future,” Tink co-founder and CEO Daniel Kjellén said in a statement.

Tink demonstrated its platform most recently at FinovateEurope 2019. For more on this year’s Finovate event in Europe kicking off next month, visit our FinovateEurope 2020 page.


Azimo, one of our earliest FinovateEurope alums, announced a pair of big changes at the top to begin the new week.

The London-based money transfer firm, founded in 2012, promoted its COO Richard Ambrose to CEO back in August, as Azimo founder Michael Kent took what TechCrunch referred to as a lateral move to become executive chairman. Today, Fintech Futures, Finovate’s sister publication, reports that the company has appointed Dora Ziambra to the post of Chief Operating Officer. Azimo also promoted its head of finance Tatiana Okhotina to the post of Chief Financial Officer.

“We’re fortunate to have the depth of talent to fill these top roles internally,” Ambrose said in a statement. “We’re lucky too that Azimo will continue to benefit from the experience and leadership of these two outstanding women.”


Here’s our weekly roundup of the latest news from our Finovate alumni:

  • Union Bank to leverage technology from FIS for core banking.
  • Italy-based CREDEM leveraging Worldline’s Payment and Liquidity Hub software CRISTAL to process Target2 payments
  • POS software Vend partners with Klarna to offer retailers more flexible payment options.
  • U.K. food retailer The Co-operative to deploy ACI Worldwide’s fraud management solution, ReD Shield.
  • A partnership between TransferGo and Currencycloud will enable the money transfer company to enter 14 new markets.
  • YellowDog forges reseller agreement with Annex Pro.
  • Bankable cozies up with Plaid to allow its bank customers to connect with their users’ bank accounts.
  • Ohpen appoints former Tesla marketing leader Corinne Aaron as new head of marketing.
  • Segmint to acquire WAND’s Product and Service Taxonomy division.
  • CuneXus celebrates 2019 success with a 40% year-over-year increase in consumer reach.
  • TransUnion expands partnership with Payfone.
  • PayPal reaches $10 billion in charitable donations processed.
  • California approves Sezzle’s lending license.
  • People’s Bank selects NYMBUS’s SmartMarketing and SmartOnboarding solutions.
  • Ayondo ends its European social trading business.

Alumni Features and Profiles

Three Key Lessons We Learned from Plaid – Unless you’ve been living under a rock, you’ve probably heard that Visa is acquiring Plaid for a deal that’s worth $5.3 billion. The fact that they were so widely used at such an early stage is a testament to the quality of their code, but there are also a few key lessons to take away from their success.

ITSCREDIT’s Joao Pinto on the Digital Lending Opportunity –  ITSCREDIT is a spinoff from ITSECTOR and is a fairly new player in the digital lending space. In this interview, Pinto talks to us about the digital lending opportunity, how his company fits into the current state of this fintech subsector, and what we can expect to see next.

Kasasa Enhances its Take-Back Loan – Community bank marketing expert Kasasa announced a partnership with Carleton today in which Kasasa will integrate Carleton’s insurance and debt protection calculations into its Kasasa Loan.

Our latest FinovateEurope Sneak Peeks Are Up! Meet Dorsum, CASHOFF, Tensorflight, Trulioo, W.UP, Horizn, Glia, and BLECKWEN.

Plinqit Brings Rewards-Powered Financial Literacy to First Community Bank – One day in the distant future, children will be educated in basic financial literacy as readily as they are taught algebra. Until then, solutions like Plinqit from HT Mobile Apps will be valuable tools for credit unions and community banks looking for novel ways to engage and educate their members and customers.

Credit, Data, and Cryptocurrencies: Graychain Rebrands as Credmark – The company that is bringing credit data clarity to the cryptocurrency industry is entering 2020 with a new name.

Tradeshift Lands $240 Million as it Inches Toward Profitability – The San Francisco-based company will use the investment to boost expansion efforts and gear toward a “direct path to profitability in the near future.”

Fintech, Financial Services, and the Case for 5G – Calling 5G “something banks aren’t even thinking about,” Celent SVP Dan Latimore said, “we believe the effects of 5G are going to be subtle and profound over time.”

Backbase-as-a-Service Helps Banks Leverage the Cloud to Innovate and Scale – The solution makes the company’s broad portfolio of digital banking offerings available to FIs looking to accelerate their ability to develop and offer new technologies to customers.

Also on Finovate.com

Visa to Acquire Plaid in $5.3 Billion Deal – “Today marks an important milestone for our company and for fintech,” company co-founder and CEO Zach Perret wrote on the Plaid blog earlier today. “What started with two founders building in a cramped conference room has become an incredible network that enables millions of consumers to interact with over 2,500 digital finance products.”

Not Another 2020 Trends Prediction Post (Seriously, It’s Not!) – We’re taking a look at the trends you can expect to see on stage next month at FinovateEurope. To keep things simple this year, we assessed the themes at a very high level and broke them down into three categories: the big, the little, and the trends in-between.

Singapore’s Digital Banking License Space Race Accelerates – Is there anyone out there who is NOT trying to secure a digital banking license in Singapore? The Monetary Authority of Singapore announced last week that has received 21 applications for digital bank licenses

MogoSpend Offers Credit, Cashback, and Help Reducing Your Carbon Footprint – The new digital spending account from Canadian fintech Mogo does more than help Canadians get control of their finances. The solution also offers cardholders generous cashback rewards and a way to make a positive impact on the environment by reducing their carbon footprint.

Getsafe Expands its Insurtech to the U.K. – If your insurance company is offering you drone insurance, you know it’s not your grandmother’s insurance agency. Germany-based insurtech Getsafe does just that– and the company announced today it is expanding its home contents insurance offering (though, sadly, not its drone insurance offering) to users in the U.K.

Raisin’s New Acquisition Gives Company Access to the U.S. Market – European deposit marketplace Raisin announced today it acquired New York-based Choice Financial Solutions. 

French Fintech Lydia Locks in $45 Million – TechCrunch reported this morning that French mobile payment app Lydia has raised $45 million (€40 million) in a round led by Tencent.

Visa’s Tap to Phone Brings Contactless Payments to mPOS – With Visa’s Tap to Phone app arriving pre-installed on the new, enterprise grade smartphone from Samsung, a broad range of merchants will have access to yet another way to accept payments from customers. 

INTL FCStone Acquires International Bank Transfer Firm – Headquartered in Germany, GIROXX offers international bank transfers and currency hedging. INTL FCStone plans to leverage this technology to expand its current client base to small-and-medium-sized enterprises (SMEs).

TransPecos Banks Goes Live with Nymbus to Support BankMD

TransPecos Banks has gone live on NymbusSmartLaunch solution to outsource the infrastructure and operations of its digital-only subsidiary brand, BankMD, reports Alex Hamilton of Fintech Futures, Finovate’s sister publication.

Nymbus will provide onboarding, internet banking, and mobile banking for BankMD, which was founded with the intention of serving medical professionals in the state of Texas.

“We are dedicated to creating specialized products and a service culture that meets physicians’ unique needs and demands,” said Dub Sutherland, vice president and secretary of TransPecos Financial Corporation.

Sutherland adds that Nymbus was the only technology partner which took on BankMD’s concept to “bring it to life.” SmartLaunch eliminated the need for the bank to undergo a technology transformation, he said.

SmartLaunch is a banking-as-a-service product provided by Nymbus to stand up banks in a short time. The vendor claims it can do so in just 90 days.

The process involves the outsourcing of a bank’s entire operations to a team working within Nymbus. The platform also utilizes Nymbus’ SmartCore banking system.

“Launching a niche, standalone digital experience has gained tremendous momentum as an opportunity for financial institutions to compete and grow revenue,” said David Mitchell, president of Nymbus.

Other users of the Nymbus SmartLaunch platform include Centier Bank and Pacific National Bank.

NYMBUS, which demoed at FinovateFall last month, also offers a SmartBanking product that includes solutions focused on core, marketing, digital, payments, and services. Since it was founded in 2015, the company has raised $33.4 million and made three acquisitions, including R.C. OlmsteadKMR, and Sharp BancSystems.

Finovate Alumni News

On Finovate.com

  • Backbase and Payveris sign digital banking partnership.

Around the web

  • Xero and GoCardless partner to solve late payments in the U.S. and Canada.
  • The Charlotte Observer lists Jack Henry on Top Workplaces list for fifth consecutive year.
  • Lendio’s online bookkeeping software, Sunrise, partners with WePay.
  • Xero now integrates with BP Plus Fuel Card in Australia and the BP Fuelcard in New Zealand.
  • Flywire provides Bank of America clients enhanced access to cross-border payments and receipts.
  • Tinkoff begins trading on Moscow Exchange.
  • Jumio launches Jumio Go, a real-time, automated identity verification solution powered by AI.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

New Partnership Brings NCR’s D3 Digital Banking to NYMBUS

NYMBUS, makers of the SmartCore private cloud-based core processing platform, announced today that it has licensed the D3 Digital Banking platform from fellow Finovate alum NCR. The license will enable the two companies to help financial institutions rapidly deploy branded digital products and solutions for their business and consumer customers.

“Combining NCR’s D3 digital banking platform with NYMBUS’s core banking platform allows us to better serve progressive financial institutions, and corporations with well-known brands seeking to address the needs of digital-savvy customers in high-growth market segments,” NYMBUS President David Mitchell said.

NCR acquired D3 Banking – also a Finovate alum – over the summer for an undisclosed sum. At the time, company president and CEO Michael D. Hayford said the purchase would help NCR grow its digital banking offerings into new markets, especially the enterprise market as a solution provider for big FIs. “D3 has a well-earned reputation for innovation and product excellence,” Hayford said in July. “(The company) delivers one of the most advanced digital platforms for large banks,”

“Financial institutions are introducing digital bank brands to meet the needs of Gen Z and Millennials, address new market segments, and drive deposit growth,” NCR D3 Digital Banking General Manager and former D3 Banking CEO Mark Vipond explained. “Combining our platforms allows financial institutions to rapidly go to market with digital banking offerings, quickly accelerate growth, and meet the needs of their customers.”

D3 Banking demonstrated its technology at FinovateFall 2015. Headquartered in Omaha, Nebraska, the company raised more than $33 million in equity funding prior to being purchased. More than three million users have deployed D3 Banking’s technology since the company’s inception in 1997 – including Zions Bancorporation, which announced a partnership with D3 in April.

Based in Duluth, Georgia and founded in 1884, NCR demonstrated its VR Collaboration for ATMs technology at FinovateSpring 2017. The demo used a fully immersive virtual reality experience to show what an ATM looks like from the inside. In addition to its purchase of D3 Banking, NCR has spent 2019 teaming up with fellow Finovate alum Bluefin and Powertranz to support POS card processing for quick service restaurants in the Caribbean. The company alsopartnered iwith Santander U.K. to enhance customer service at the 600-branch bank. The company began the year launching its EMV-integrated Equinox Luxe devices for NCR Connected Payments, providing a secure payment path for retailers.

Fresh of its most recent Finovate appearance last month at FinovateFall where it demonstrated its SmartLaunch financial services platform, NYMBUS was founded in 2015 and is headquartered in Miami Beach, Florida. The company has forged a host of partnerships this year, teaming up with Centier Bank in September, Pacific National Bank in May, and both Moxy Bank and Inspire Federal Credit Union in the spring. With $33.4 million in funding, NYMBUS includes Home Credit Group and Vensure Enterprises among its investors.

Finovate Alumni News

On Finovate.com

  • Expensify Combines Spending Controls and Expense Tracking with New Corporate Card.
  • New Partnership Brings NCR’s D3 Digital Banking to NYMBUS.

Around the web

  • NYMBUS licenses NCR’s D3 Digital Banking platform as part of strategic partnership.
  • Kantox partners with Citi’s Commercial Banks to provide the bank’s customers in the U.S. with enhanced FX payments connectivity.
  • Featurespace collaborates with Latin American credit bureau Círculo de Crédito to help fight application fraud in Mexico.
  • Black Star News interviews CollegeBacker’s James Ryan on the “national emergency” of student debt.
  • Financial education technology innovator EVERFI acquires U.K.-based EdComs.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • RoamHR Helps Bring Financial Wellness, Tax Preparation to Gig Economy Workers

Around the web

  • Featurespace announces strategic partnership with NatWest to deliver real-time, enterprise-wide fraud prevention, transaction monitoring.
  • Indiana-based Centier Bank ($4.5 billion in assets) leverages SmartLaunch from NYMBUS to support the launch of its mobile app, Billinero. See NYMBUS at FinovateFall in New York this week!
  • Societe Generale teams up with FIS to offer payments-as-a-service to corporate clients in Europe.
  • Piraeus Bank, the largest bank in Greece, unveils its new PFM tool powered by technology from Strands.
  • Segmint announces digital engagement expert Adam Craig as its new president.
  • Tradeshift forges partnership with privacy-enhancing technology provider QEDIT.
  • Kyckr inks reseller and integration agreement with Australian information services provider illion.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

Around the web

  • Nice Actimize introduces surveillance system, SURVEIL-X.
  • Scalable Capital teams up with Raisin to offer its customers the ability to invest in fixed-term deposits at partner Baader Bank.
  • Standard and Premium customers of Revolut in 26 markets now have access to stock trading via the platform.
  • Financial Times highlights Meniga as a fintech to watch. Come see Meniga’s live demo at FinovateFall next week in New York!
  • NYMBUS appoints Dr. Joerg Richter as its new Chief Operating Officer, Platforms. NYMBUS will showcase its newest technology at FinovateFall next week in New York!
  • Tradeshift to help Spendency app users leverage their transaction data.
  • iProov releases HTML v.2 Beta on GitHub to help users secure user identity in HTML5.
  • Onfido earns the top spot in FinTechCity’s 2019 Fintech 50 roster.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

FinovateFall Sneak Peek: NYMBUS

A look at the companies demoing live at FinovateMiddleEast on November 20 and 21, 2019 in Dubai. Register today and save your spot.

NYMBUS SmartLaunch enables financial institutions to quickly and cost-effectively stand up fully-outsourced digital banks to attract new customers and revenue growth.

Features

  • Allows banks to immediately compete with today’s emerging digital challenger banks
  • Doesn’t require technology conversions
  • Doesn’t require banks to hire new resources

Why it’s great
NYMBUS SmartLaunch is a pioneer in the industry’s transformation by eliminating the need for financial institutions to undergo a conversion or hire new resources to digitally innovate and compete.

Presenter

Drew Dizon, Senior Vice President of Strategic Solutions
With over 17 years of fintech experience, Dizon helps to identify and evaluate potential products and solutions that promote the strategic growth initiatives at NYMBUS.
LinkedIn

Finovate Alumni News

On Finovate.com

  • Mambu and nCino Co-Create Banking Solution for B-North.
  • Kabbage Acquires Radius, Adding Insights of Millions of SMEs to its Platform.

Around the web

  • Paysend reaches one million customer mark for its card-to-card money transfer service, Global Transfers.
  • Tinkoff goes live with Pulse, a free social network for investors.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

NYMBUS Helps Drive PNB’s New Digital Only Bank

Pacific National Bank (PNB), with nearly $500 million in assets, has selected technology solutions provider NYMBUS to support the infrastructure and operations of its new digital-only bank. PNB will leverage NYMBUS’ SmartLaunch solution to bring a seamless online and mobile banking experience to Florida’s Millennial professionals.

PNB CEO Carlos Fernandez-Guzman underscored that the process of deploying the new bank will be as smooth and effortless as the user experience PNB hopes to provide. “In less than 90 days, and without disruption or cost to our existing bank infrastructure, SmartLaunch will provide all the necessary technology, resources, and digital marketing support to ensure our digital bank gets maximum exposure to reach and acquire a new audience of tech-savvy young professionals,” Fernandez-Guzman explained. Pacific National Bank was established in 1985 and is the 19th largest bank headquartered in Miami-Dade County, Florida based on assets.

SmartLaunch enables FIs to offer a customized digital-only banking experience without the need to add human resources or undergo a major conversion process. The Banking-as-a-Service (BaaS) solution is built on NYMBUS’ digital-first SmartCore platform to eliminate the need for the bank to pursue a technology overhaul. Everything from the customer-facing call center and back office operations to digital marketing is provided by the platform.

NYMBUS President David Mitchell said the technology helps “level the playing field,” making it easier for smaller banks and credit unions to compete with the offerings of their larger rivals. Solutions like SmartLaunch, Mitchell said, will enable PNB to “focus on (its) core business while NYMBUS handles the entire back-office, operations and world-class digital marketing support to get its new digital-only bank up and running quickly.”

NYMBUS demonstrated its technology at FinovateSpring 2016. Founded in 2015 and headquartered in Miami Beach, Florida, the company announced last month that it will partner with MOXY, the first new financial institution in the Washington, D.C., Maryland, and Virginia area in more than 10 years.

Inspire Federal Credit Union went live with NYMBUS’ SmartCore platform in March and, last fall, TransPecos Banks picked the company to launch its new digital bank brand, BankMD.com. With more than $33 million in funding, the company includes Home Credit Group and Vensure Enterprises among its investors.

Finovate Alumni News

On Finovate.com

  • NYMBUS Helps Drive PNB’s New Digital Only Bank.

Around the web

  • Mercury Payment Solutions and Arion Bank select Fiserv AML Technology.
  • Challenger bank Monzo to use Jumio’s Netverify for customer identity authentication.
  • Neener Analytics selected by FIS for investment and participation in The Venture Center Accelerator
  • Launchfire wins Gold at the 2019 Hermes Creative Awards.
  • Jack Henry & Associates named a Best Place to Work in Kentucky for Seventh Consecutive Year.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.

Finovate Alumni News

On Finovate.com

  • Finn AI Brings Conversational Banking to South Africa’s TymeBank.

Around the web

  • Salt Edge unveils new version of API with a consent management system and UX enhancements.
  • MOXY bank selects NYMBUSSmartCore platform.
  • InComm and WH Smith launch in-store and online hubs for game cards in the U.K.
  • STOblock interviews Bitbond Founder and CEO Radoslav Albrecht.
  • India’s Federal Bank turns to Ripple to power cross-border remittances.
  • Khaleeji Commercial Bank of Bahrain partners with Token.io.
  • Finastra hires Sharon Doherty as its new Chief People Officer.
  • Equifax collaborates with Wolters Kluwer to offer Current Expected Credit Losses (CECL) solution.
  • Raiffeisen Bank Serbia picks Asseco SEE as its strategic vendor.
  • NF Innova to power “Customer-First” experience for APS Bank.

This post will be updated throughout the day as news and developments emerge. You can also follow all the alumni news headlines on the Finovate Twitter account.